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House price survey shows mixed picture
22/05/2007
Annual house price inflation rose to 7.5 per cent this month but dropped slightly by 0.5 per cent over the last four weeks, new research has revealed.
Research by online estate agent Rightmove shows that the average price of a home in the northwest dropped from £184,112 to £183,242, although it is well above the £170,509 recorded this time last year.
Across England and Wales as a whole, house prices rose by 0.4 per cent over the month to £237,631, although the annual rate of inflation slowed from 15 to 13.1 per cent.
Rightmove believes that the uncertainty in the market can be attributed to home information packs (Hips), which is prompting people to sell their homes before the June 1st deadline.
"You have the potential of Hips artificially increasing the supply of property and within the same month a six-year high in interest rates potentially depressing the number of buyers," said Miles Shipside, commercial director of Rightmove.
According to a recent survey by Home.co.uk, asking prices for homes in the north-west rose by 1.9 per cent between November and April, bringing the average price to £189,357.
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© Adfero Ltd
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